Don’t Fly Blind

A well-thought-out financial operating plan is critical for successfully navigating through economic headwinds

By:
Edgar Rodriguez
Executive Consultant
PlusPoint Consulting

There is a time and a place for everything, and as we head towards Q4, we are entering the budget season. Now is the time to get to work on your 2023 budget and plan.

A Time of Uncertainty

Many may wonder, “Why should I plan when there is so much uncertainty?” That’s a great question. With the confluence of recessionary concerns, continuing supply chain issues, inflation, and interest rate hikes, there is much uncertainty about what 2023 has in store for us. While planning doesn’t eliminate uncertainty, it can help to mitigate it by forcing management to focus on the future, anticipate the impact of potential changes, and develop responses.

A Time to Act

We encourage our clients to keep their eyes wide open and proactively attack challenges head-on. Creating a well-thought-out financial operating plan is critical for success despite potential headwinds. A solid financial plan will help you understand and plan for potential challenges in the coming year. It provides the organization direction and gives leaders feedback on whether or not they are achieving their goals and when to course correct. It empowers you to push and pull various levers in response to market dynamics and business performance and to understand the potential outcomes. It is a tool that coordinates activities toward the achievement of organization objectives, ensures everyone is rowing in the same direction and enables the efficient use of resources.

Don’t Fly Blind

Without a plan, you are essentially flying blind. You will be busy managing day-to-day activities and may not recognize when your actions are not achieving your goals. We encourage you to be proactive and work with your management team to develop a plan for 2023 to clearly understand your goals, the actions needed to achieve them and to identify challenges that may impact your business in time to address them.

We know that this process is daunting for many. It requires a financial partner who will roll their sleeves up, understand your business, and translate your goals into a solid plan. Our team of experienced finance professionals excels in building plans to help you manage your business. We love working with our clients to articulate their goals and business stories through numbers.

We can help you prepare for success in 2023. If you’re looking for a trusted partner to help you with your planning, contact us to get started.